* Corn futures rise after dropping to lowest since June 29
* Expectations of record U.S. yields, lower demand to limit
* Bumper U.S., Brazilian soybean output to keep pressure on
SINGAPORE, Aug 5 (Reuters) - Chicago corn and soybean
futures ticked higher on Wednesday as both the contracts
recovered from sharp declines in the previous session, although
expectations of bumper U.S. production curbed gains.
Wheat rose for the first time in three sessions.
"The market is running out of time for any weather event to
curb the huge prospective U.S. crop," said Tobin Gorey, director
of agricultural strategy at Commonwealth Bank of Australia.
""The other issue is that more U.S. lockdowns are likely to
curb gasoline/ethanol use, and so (result in lower) corn
The most-active corn contract on the Chicago Board Of Trade
(CBOT) rose 0.6% to $3.22-1/4 a bushel, as of 0132 GMT,
recovering from its lowest since June 29 at $3.20 a bushel
touched on Tuesday.
Soybeans added 0.2% to $8.83-3/4 a bushel, after
dropping to its lowest since July 15 at $8.79 a bushel in the
previous session and wheat firmed 0.1% to $5.08-3/4 a
Commodity brokerage StoneX, formerly known as INTL FCStone,
on Monday projected U.S. 2020 corn production at 15.320 billion
bushels, with an average yield of 182.4 bushels per acre (bpa).
Brokerage forecast this year's U.S. soybean harvest at 4.496
billion bushels, with an average yield of 54.2 bpa.
The U.S. Agriculture Department's weekly crop conditions
report on Monday afternoon rated 72% of the U.S. corn crop and
73% of the soybean crop as 'good-to-excellent', bolstering
expectations for massive production.
Brazilian soybean production will hit a record 132.6 million
tonnes next season, as demand from China remains strong and
farmers intend to expand acreage, according to a forecast from
agribusiness consultancy StoneX on Tuesday.
Egypt's General Authority for Supply Commodities (GASC) set
a tender on Tuesday to buy an unspecified amount of wheat from
global suppliers for shipment from Sept. 11-20 and/or Sept.
Ukrainian grain traders union UGA on Tuesday increased
Ukraine's 2020 corn harvest forecast to 38.9 million tonnes from
36.8 million tonnes.
Commodity funds were net sellers of CBOT corn, soybean,
wheat, soymeal and soyoil futures contracts on Tuesday.
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
and Rashmi Aich)